Credit cards after bankruptcy

[Guyatthebeach]

Disneymom234,

If Discover doesn’t approve your app for the unsecured card, take the secure card. The reason is the secured Discover card will graduate to an unsecured card in time.  

Also just let your CapitalOne card age with time.  If your card is on the Step program, you will get an automated CLI in 6 months.  Make sure to let it report with a balance of no more than 10% and always pay it in full. I would not apply for any new credit cards until you get your FICO score to 650.  

Something else I would do is get a secured loan for a 12 month term for $1000 with your husband. This way both of yo can benefit with one loan. The purpose of this is to add an additional trade line to your credit report post  bankruptcy with perfect payment history. 

You are are definitely on the right track. Keep up the good work!

Guyatthebeach

[csl1]

My BK was discharged on 10/29. Since then, I've been approved for the Cap 1 QS1, Discover It (secured) and First Premier. I'd recommend the first two, but not the First Premier card because of its outrageous annual fee ($79, even if it's for a tiny credit line)... Good luck!

[Anonymous]

Thanks! We did get a car loan with me as a cosigner. Should we do a credit builder still as well?? Will it help bump us up faster at all?

Any idea how long it typically takes for the discover to unsecure and to get CLI?

[FireMedic1]

No. More than 1 installment doesnt do any good. Plus it will add a HP, lower your AAoA, and add a new account which will ding you. Average Disco grads are around 8-14 motnhs I've seen since being on here. Plus you get the same exact benefits as a regular card holder. Cant go wrong. Better to have the HP and the other stuff that will help you long term with a card. Than another installment loan which will do the same ding on your file but it closes after a period of time. The card will stay alive and open forever. Good luck. Try the pre-qual and report back what happened. Happy New Year!